HOPE NOW: 86,000 Loan Mods in Q1
The first quarter of this year saw mortgage servicers arranging 319,000 non-foreclosure solutions for distressed homeowners, according to data released by HOPE NOW, a five percent increase from the 303,000 solutions coordinated during the fourth quarter of 2015 and a 26 percent decline from the 432,000 in the first quarter of 2015.
There were 86,000 loan modifications completed in the first quarter, with roughly 62,000 homeowners received proprietary loan modifications and approximately 24,000 loan modifications completed under the Home Affordable Modification Program (HAMP). The represents a 26 percent decline from the 117,000 loan modifications in the first quarter of 2015.
Other year-over-year declines included foreclosure sales (approximately 91,000 in the first quarter, down five percent), completed short sales (19,000, down 19 percent), deeds in lieu (5,300, down nine percent) and delinquencies of 60-plus days (1.72 million, down 11 percent).
“With general market recovery and stability over the past year, HOPE NOW is concentrating efforts on streamlining the assistance process for homeowners,” said Eric Selk, executive director. “We have looked at communication between servicers and homeowners and provided suggestions on improving the customer process. HOPE NOW is also very active in conversations focusing on the loss mitigation world once HAMP expires.”
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